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  • FIRST POST
    • FoxFace
    • By FoxFace 20th May 17, 9:11 PM
    • 238Posts
    • 2,578Thanks
    FoxFace
    Fox's Debt Free Diary
    • #1
    • 20th May 17, 9:11 PM
    Fox's Debt Free Diary 20th May 17 at 9:11 PM
    Hi I'm FoxFace (Foxxie or Fox usually) and it's time I get this finance thing under control.

    We have had a tough few years, followed by a bountiful but frivolous few years. We have more debt than we want, but not more than we can manage (thankfully!). However I want rid, and as I always do when I need to tighten my belt, I revisit MSE (should stay here really).

    Anyway, I haven't posted for a long time and usually not outside of the grocery challenge threads. But my food budget is fine. I just need to work out how to clear this debt as quickly as possible.

    Starting debt is as follows:

    Overdraft ~ £3000.00
    Mastercard ~ £1901.55
    Visa ~ £2994.96
    Paypal Credit ~ £ 170.00
    Bank Loan ~ £2953.50

    Total of £11,020.01p. Way more than I am comfortable with. I will update my sig and this thread as I go. I am hoping to pay these off in small, frequent payments. I have signed up for overtime at work and will be looking at a fair few sales of un-needed things too

    Wish me luck! I got this!

    Fox
    x
    Last edited by FoxFace; 23-05-2017 at 6:47 AM.
    Debt Free Wannabe 21.05.2017
    ~Loan 04/07/17: £5500.00/5028.98p~Credit Card: £4861.51/£4090.68p
    Total Starting Debt = £11,020.01p Currently: £9119.66p
    ~Grocery Challenge: 5 Weeks under budget/1 over~
    Click>Fox's Debt Free Diary ~ Fox's Vegan Recipes<Click
Page 3
    • FoxFace
    • By FoxFace 2nd Jun 17, 6:36 PM
    • 238 Posts
    • 2,578 Thanks
    FoxFace
    I take my pocket money each month in cash and divide it into the number of weeks in the month, and put that amount in my spending purse each week. If I spend it all in one day, there is no more till the next Monday.

    We have a Lloyds loan which will be paid off in August. I transfer a set amount over the repayment each month and have brought the finishing date down by over 12 months. The more you pay the more the interest goes down.
    Originally posted by csarina2
    Yes, the pin arrived for my new current account today, so I promptly went and deposited my money into it and left myself £23 for the week. I'm going for a day out tomorrow with a friend, so that it's going to be fun not going on a spree

    Well done Foxface. You are doing great!
    Originally posted by Bobarella
    Thank you so much, it's the "thanks" and comments that keep me inspired and I know I have to try and keep this motivation going for as long as possible!

    Well done Fox you're doing amazing!

    Have a lovely weekend
    Originally posted by Hiddenidenity
    Thank you It's really quite satisfying seeing the numbers going down and making an active effort to get rid of all this debt! I hope you have a lovely weekend too
    Debt Free Wannabe 21.05.2017
    ~Loan 04/07/17: £5500.00/5028.98p~Credit Card: £4861.51/£4090.68p
    Total Starting Debt = £11,020.01p Currently: £9119.66p
    ~Grocery Challenge: 5 Weeks under budget/1 over~
    Click>Fox's Debt Free Diary ~ Fox's Vegan Recipes<Click
    • FoxFace
    • By FoxFace 4th Jun 17, 9:06 PM
    • 238 Posts
    • 2,578 Thanks
    FoxFace
    Well what a wonderful weekend

    I have spent the entire weekend nursing three separate cash budgets, with an aim to keeping on track... and I did it!

    ~ Pot 1: Grocery budget £60. Spent £54, gave the rest to eldest child to top up his lunch account.

    ~ Pot 2: Birthday budget £50. 5 birthdays coming up in the next week or so. Managed presents, cards and wrapping/bags for all of them, with pence to spare, which I potted.

    ~ Pot 3: Personal money £83. £60 went into the new current account. Went away with a friend on Saturday with £23, bought lunch, a new little purse to keep my cash separate and still have some left over

    Very pleased with myself, it feels really good to have been presented with challenges of a day out and birthday present shopping and to have stuck to my guns instead of getting carried away

    Incidentally, I have noticed how much stuff I picked up and put back... it's been a bit eye opening to be honest as I could swear I didn't really ever spend much
    Debt Free Wannabe 21.05.2017
    ~Loan 04/07/17: £5500.00/5028.98p~Credit Card: £4861.51/£4090.68p
    Total Starting Debt = £11,020.01p Currently: £9119.66p
    ~Grocery Challenge: 5 Weeks under budget/1 over~
    Click>Fox's Debt Free Diary ~ Fox's Vegan Recipes<Click
    • Hiddenidenity
    • By Hiddenidenity 4th Jun 17, 10:46 PM
    • 5,314 Posts
    • 26,055 Thanks
    Hiddenidenity
    That's some good going!

    Glad you had a lovely weekend
    DFW £1783.71/£7348.71 Rent Arrears £571.28/£3381.28

    Rock bottom became the solid foundation on which I rebuilt my life.
    • FoxFace
    • By FoxFace 5th Jun 17, 6:48 AM
    • 238 Posts
    • 2,578 Thanks
    FoxFace
    That's some good going!

    Glad you had a lovely weekend
    Originally posted by Hiddenidenity
    Thanks for the support

    Just having a little look at finances (as I do every morning right now) and it looks like I will be able to reduce the overdraft by £1000 by October

    Also added a couple of extras to the forecast, like Father's Day... probably a few more birthdays to throw on there too, but we have plenty of wiggle room so I'm not too worried

    The main worry right now is school holidays, we already discussed as a family and agree that this year we will not be going away anywhere. We had a huge, expensive holiday to Paris last year and we are still paying that off, so it's not really appropriate for us to eat into money that would be paying that.

    We are looking at going to a lot of free places, fortunately the children love museums and castles and such. And we also live right next door to the Lake District, so plenty of hill walking to do when the weather is nice
    Debt Free Wannabe 21.05.2017
    ~Loan 04/07/17: £5500.00/5028.98p~Credit Card: £4861.51/£4090.68p
    Total Starting Debt = £11,020.01p Currently: £9119.66p
    ~Grocery Challenge: 5 Weeks under budget/1 over~
    Click>Fox's Debt Free Diary ~ Fox's Vegan Recipes<Click
    • jackieblack
    • By jackieblack 5th Jun 17, 7:04 AM
    • 7,296 Posts
    • 9,834 Thanks
    jackieblack
    Thanks for the support

    Just having a little look at finances (as I do every morning right now) and it looks like I will be able to reduce the overdraft by £1000 by October

    Also added a couple of extras to the forecast, like Father's Day... probably a few more birthdays to throw on there too, but we have plenty of wiggle room so I'm not too worried

    The main worry right now is school holidays, we already discussed as a family and agree that this year we will not be going away anywhere. We had a huge, expensive holiday to Paris last year and we are still paying that off, so it's not really appropriate for us to eat into money that would be paying that.

    We are looking at going to a lot of free places, fortunately the children love museums and castles and such. And we also live right next door to the Lake District, so plenty of hill walking to do when the weather is nice
    Originally posted by FoxFace
    Well done with the budgeting and, even more importantly, keeping to it! I think it makes you a more discriminating shopper, balancing price and value rather than just buying the first thing you pick up.
    It'll be a great help if your family are on board with the debt busting.
    2.22kWp Solar PV system installed Oct 2010, Fronius IG20 Inverter,
    south facing (-5 deg), 30 degree pitch, no shading

    Quidquid Latine dictum sit altum videtur
    (Revera linguam latinam vix cognovi )
    • Mummy_bear
    • By Mummy_bear 5th Jun 17, 7:47 AM
    • 255 Posts
    • 975 Thanks
    Mummy_bear
    Hi, just read through your diary. I'm now subscribing. ��

    I'm new to all this and I've started my diary yesterday to document paying off our debts.

    I just love reading how everyone gets on and getting inspiration and ideas.
    My LBM May 2017, DH LBM July 2017- Total Debt (not Including Mortgage) £37139.86
    £5932.55/£37139.86 15.97% paid
    Estimated DFD JUNE 2020 (calculated July 2017)
    Debt Free by Christmas Challenge
    Total cleared £3362.89/£9091.72 36.98% paid
    • Wysiwyg49
    • By Wysiwyg49 5th Jun 17, 7:34 PM
    • 173 Posts
    • 1,477 Thanks
    Wysiwyg49
    Okay so up bright and early, new finance forecast done. I have some wonderful home finance software that I bought many, many years ago, which really helps keep track and get a good forecast of where you will be down the line.
    Originally posted by FoxFace
    Sounds like you have a great plan! What's the software called? I've been using YNAB for the 2nd time, for 3 months, not sure yet whether it is helping! Or whether my budgeting is just too optimistic...
    GC Oct £92.34/£450(?) Sept £408.47/£360
    • FoxFace
    • By FoxFace 6th Jun 17, 6:40 AM
    • 238 Posts
    • 2,578 Thanks
    FoxFace
    Sounds like you have a great plan! What's the software called? I've been using YNAB for the 2nd time, for 3 months, not sure yet whether it is helping! Or whether my budgeting is just too optimistic...
    Originally posted by Wysiwyg49
    It was a bit of software I bought from Tesco possibly more than 10 years ago now... it was called Tesco Personal Finance and cost me about £10 at the time, but I have used it ever since and have never found anything that works as well for me. It doesn't look like is it on sale anymore unfortunately
    Debt Free Wannabe 21.05.2017
    ~Loan 04/07/17: £5500.00/5028.98p~Credit Card: £4861.51/£4090.68p
    Total Starting Debt = £11,020.01p Currently: £9119.66p
    ~Grocery Challenge: 5 Weeks under budget/1 over~
    Click>Fox's Debt Free Diary ~ Fox's Vegan Recipes<Click
    • FoxFace
    • By FoxFace 8th Jun 17, 7:04 AM
    • 238 Posts
    • 2,578 Thanks
    FoxFace
    All a bit quiet here right now. Had my official closure statement from my old CC, so that's good. I will have one more interest payment apparently, so that will get paid as soon as the bill comes in

    Speaking of interest payments, I just checked my online banking for the 2nd transferred card and the final interest payment for that card was £12.25p, so I have paid that straight away. It doesn't bring my sig amount down, but it does mean that I can now officially close the account

    Edit: Also I haven't actually spent any more of my personal money and found my purse with £5 still in there that I didn't realise I had... funny how just separating that budget is making me think about what I buy and appreciate my hard earned cash
    Last edited by FoxFace; 08-06-2017 at 7:15 AM.
    Debt Free Wannabe 21.05.2017
    ~Loan 04/07/17: £5500.00/5028.98p~Credit Card: £4861.51/£4090.68p
    Total Starting Debt = £11,020.01p Currently: £9119.66p
    ~Grocery Challenge: 5 Weeks under budget/1 over~
    Click>Fox's Debt Free Diary ~ Fox's Vegan Recipes<Click
    • Hiddenidenity
    • By Hiddenidenity 8th Jun 17, 1:54 PM
    • 5,314 Posts
    • 26,055 Thanks
    Hiddenidenity
    You're doing amazing. You should be proud.

    There's usually a lot of free things on for school holidays too, our local paper usually has a section just for free things on. It includes things like craft days etc and things you can attend even if the weather isn't nice.
    DFW £1783.71/£7348.71 Rent Arrears £571.28/£3381.28

    Rock bottom became the solid foundation on which I rebuilt my life.
    • FoxFace
    • By FoxFace 8th Jun 17, 4:53 PM
    • 238 Posts
    • 2,578 Thanks
    FoxFace
    You're doing amazing. You should be proud.

    There's usually a lot of free things on for school holidays too, our local paper usually has a section just for free things on. It includes things like craft days etc and things you can attend even if the weather isn't nice.
    Originally posted by Hiddenidenity
    Thank you, I am suitably happy with my progress so far

    I had promised to write a list of free stuff for the hols, thanks for reminding me I don't get a paper and used to pick up a lot of events from FB, but I'm not on there now. Will need to get searching the web, methinks
    Debt Free Wannabe 21.05.2017
    ~Loan 04/07/17: £5500.00/5028.98p~Credit Card: £4861.51/£4090.68p
    Total Starting Debt = £11,020.01p Currently: £9119.66p
    ~Grocery Challenge: 5 Weeks under budget/1 over~
    Click>Fox's Debt Free Diary ~ Fox's Vegan Recipes<Click
    • FoxFace
    • By FoxFace 19th Jun 17, 6:38 AM
    • 238 Posts
    • 2,578 Thanks
    FoxFace
    Good morning Nothing to really report here... funds have been too low to make any additional payments and life has been too hectic to really do anything proactive to clear the debt any more quickly than planned.

    On the good side though, I haven't really spent anything other than grocery budget, which I haven't gone over I think just not spending it a good step in itself, isn't it really?

    Hope you all have a wonderful day
    Fox
    Debt Free Wannabe 21.05.2017
    ~Loan 04/07/17: £5500.00/5028.98p~Credit Card: £4861.51/£4090.68p
    Total Starting Debt = £11,020.01p Currently: £9119.66p
    ~Grocery Challenge: 5 Weeks under budget/1 over~
    Click>Fox's Debt Free Diary ~ Fox's Vegan Recipes<Click
    • jackieblack
    • By jackieblack 19th Jun 17, 7:06 AM
    • 7,296 Posts
    • 9,834 Thanks
    jackieblack
    Good morning Nothing to really report here... funds have been too low to make any additional payments and life has been too hectic to really do anything proactive to clear the debt any more quickly than planned.

    On the good side though, I haven't really spent anything other than grocery budget, which I haven't gone over I think just not spending it a good step in itself, isn't it really?

    Hope you all have a wonderful day
    Fox
    Originally posted by FoxFace
    It's a great step!
    It's during these 'slow' times that it's important not to lose focus.
    The early 'heady' days are the easiest, when you're fired up and there are some quick things that get you off to a flying start. But it's a medium-long distance event, not a sprint, and that pace can't be maintained all the way through.
    Once the initial 'rush' is over, that's the time when it's easy to get disheartened and slide back into old/bad habits, so sticking to your new budget is really important.
    Well done
    2.22kWp Solar PV system installed Oct 2010, Fronius IG20 Inverter,
    south facing (-5 deg), 30 degree pitch, no shading

    Quidquid Latine dictum sit altum videtur
    (Revera linguam latinam vix cognovi )
    • another casualty
    • By another casualty 21st Jun 17, 11:59 PM
    • 3,031 Posts
    • 4,863 Thanks
    another casualty
    You are doing great foxface . I was impressed when you opened a new seperate account for your self . All good
    • JoJoC
    • By JoJoC 22nd Jun 17, 10:17 AM
    • 1,241 Posts
    • 4,012 Thanks
    JoJoC
    Hi, just stopping by to say hello and wish you luck.

    It sounds like you've got a great way of keep motivation high, so i'll subscribe to your diary as I do lack in motivation sometimes!

    I also opened a separate spending account to avoid the confusion of what was 'available' in the main account. That account is just for bills now and my husband and I use the spending account day to day. Much less confusing!

    All the best
    CC1: £3804.52 / £3704.32 £100.20 paid | CC2:£5027.53 / £4927.48 £100.05 paid | Loan: £15,000 / £13,932.24 (£1067.76 paid)

    July debt total: £23,832.05 | New debt total: £22,564.04 | Total debt paid: £1,268.01 (5.3%)
    *My debt busting and savings diary*
    • FoxFace
    • By FoxFace 22nd Jun 17, 5:58 PM
    • 238 Posts
    • 2,578 Thanks
    FoxFace
    Wow thanks for the kind words everyone

    I am blessed with a decent amount of willpower when I need it... I just forget once the problem is solved... however I have a savings goal once the debt is cleared, so hopefully I can continue this time

    Nothing really to report here, apart from my bank trying to get me to spend more money now the balances are transferred... the amount of credit offers I have had just in the last week is actually silly... obviously I am in no way inclined to accept them, but no wonder people end up in trouble
    Debt Free Wannabe 21.05.2017
    ~Loan 04/07/17: £5500.00/5028.98p~Credit Card: £4861.51/£4090.68p
    Total Starting Debt = £11,020.01p Currently: £9119.66p
    ~Grocery Challenge: 5 Weeks under budget/1 over~
    Click>Fox's Debt Free Diary ~ Fox's Vegan Recipes<Click
    • JoJoC
    • By JoJoC 23rd Jun 17, 9:46 AM
    • 1,241 Posts
    • 4,012 Thanks
    JoJoC
    Yes, we've seen that a LOT! My husband balance transferred after his 0% ended a couple of years ago and he got a letter from the now empty credit card increasing ihs balance to 15k! 15k on a credit card! Needless to say that one was shut down pretty quickly. They're really cheeky, these banks.

    Glad you've got a savings goal for after the debt is cleared - care to share?
    CC1: £3804.52 / £3704.32 £100.20 paid | CC2:£5027.53 / £4927.48 £100.05 paid | Loan: £15,000 / £13,932.24 (£1067.76 paid)

    July debt total: £23,832.05 | New debt total: £22,564.04 | Total debt paid: £1,268.01 (5.3%)
    *My debt busting and savings diary*
    • FoxFace
    • By FoxFace 23rd Jun 17, 1:30 PM
    • 238 Posts
    • 2,578 Thanks
    FoxFace
    Yes, we've seen that a LOT! My husband balance transferred after his 0% ended a couple of years ago and he got a letter from the now empty credit card increasing ihs balance to 15k! 15k on a credit card! Needless to say that one was shut down pretty quickly. They're really cheeky, these banks.

    Glad you've got a savings goal for after the debt is cleared - care to share?
    Originally posted by JoJoC
    My Grandfather of 84 on State Pension recently cleared a credit account that he had... they have upped his credit limit to £18k... I kid you not!

    As for the savings goal, it's pretty much a WIP as I need to focus on clearing the debt... I would very much like to work towards actually getting some money behind us as a contingency fund, and also possibly an ISA, or some kind of savings account at least. I will be working out specifics as the debt is cleared... baby steps and all that
    Debt Free Wannabe 21.05.2017
    ~Loan 04/07/17: £5500.00/5028.98p~Credit Card: £4861.51/£4090.68p
    Total Starting Debt = £11,020.01p Currently: £9119.66p
    ~Grocery Challenge: 5 Weeks under budget/1 over~
    Click>Fox's Debt Free Diary ~ Fox's Vegan Recipes<Click
    • JoJoC
    • By JoJoC 23rd Jun 17, 1:52 PM
    • 1,241 Posts
    • 4,012 Thanks
    JoJoC
    Oh yes, baby steps indeed. I have lots of grand plans for when we're debt free but i'm sure those will change/ become more realistic as I near that date!

    Good grief, do banks have no sense? If he racked up that debt and was paying it back on his pension, it'd probably take him 20 years to clear... who wants their DFD to be when they're 104?
    CC1: £3804.52 / £3704.32 £100.20 paid | CC2:£5027.53 / £4927.48 £100.05 paid | Loan: £15,000 / £13,932.24 (£1067.76 paid)

    July debt total: £23,832.05 | New debt total: £22,564.04 | Total debt paid: £1,268.01 (5.3%)
    *My debt busting and savings diary*
    • FoxFace
    • By FoxFace 23rd Jun 17, 8:52 PM
    • 238 Posts
    • 2,578 Thanks
    FoxFace
    So today was fun... My good friend randomly repaid £200 I had lent to her a few months back... I had totally forgotten about it to be honest!

    Also, our CEO e-mailed everyone today to tell us they were paying us a £280 bonus this month, to thank us for our hard work

    I also have 27 hours of overtime from last month, being paid in my wages next week... I absolutely cannot wait to get paid Probably going to leave it the all in the bank account to lower the overdraft, as this is the only thing that's costing me ongoing interest at the moment.
    Debt Free Wannabe 21.05.2017
    ~Loan 04/07/17: £5500.00/5028.98p~Credit Card: £4861.51/£4090.68p
    Total Starting Debt = £11,020.01p Currently: £9119.66p
    ~Grocery Challenge: 5 Weeks under budget/1 over~
    Click>Fox's Debt Free Diary ~ Fox's Vegan Recipes<Click
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